The price of Bitcoin crashed in the last hours and now is trading at 26,187 at the time of writing. In the short term, it has moved sideways, but now it could escape from the minor range, signaling more declines.
BTC/USD dropped by 5.10% from yesterday’s high of 27,478 to 26,076 today’s low. The crypto seems very heavy, so the sellers could take full control soon.
BTC/USD Downside Continuation!
As you can see on the H1 chart, the rate failed to stay above the lower median line (lml) and now it has ignored the 26,700 and 26,374 immediate support levels. It has escaped from the minor flag announcing more declines.
Technically, the price action developed a major Head & Shoulders pattern. 26,700 represented the neckline. Violating this downside obstacle activates the reversal pattern.
BTC/USD Forecast!
The current breakdown below 26,374 was seen as a new selling opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
The price of Bitcoin crashed in the last hours and now is trading at 26,187 at the time of writing. In the short term, it has moved sideways, but now it could escape from the minor range, signaling more declines.
BTC/USD dropped by 5.10% from yesterday’s high of 27,478 to 26,076 today’s low. The crypto seems very heavy, so the sellers could take full control soon.
BTC/USD Downside Continuation!
As you can see on the H1 chart, the rate failed to stay above the lower median line (lml) and now it has ignored the 26,700 and 26,374 immediate support levels. It has escaped from the minor flag announcing more declines.
Technically, the price action developed a major Head & Shoulders pattern. 26,700 represented the neckline. Violating this downside obstacle activates the reversal pattern.
BTC/USD Forecast!
The current breakdown below 26,374 was seen as a new selling opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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